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JUNE 26, 1969 Gerbage Collection and Disposal Conservation of health Public health services Hospital fees and premiums Social end family services General assistance | Assistance to aged persons Assistance to children Recreation and com: nity services Perks and recreation Libraries Cemetery expenditure Financial expenses Tax remissions Other Portion of levy allocated to water supply system Education - local contributions Elementary - public - separate 64,722 36,299 189,06 290,088 Secondery TOTAL EXPENDITURES 486,431 TOWNSHIP OF TERRACE BAY NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 1968 I. Charges for Net Long Term Liabilities Total charges for the year for net long term liabilities were as follows: Principal payments Interest $56,500 13,095 ee oe 69,595 \ Of the total charges shown above, an amount of $20,297 was paid from the general revenues of the municipality and is included in expenditure classified under the appropriate functional headings, and amounts of $15,661 and $33,637 respectively were recovered from the municipal enterprises and school boards for which the related net long term liabilities were inourred. 2. Assumption of debentures 3___Issued for School Purpose On Januery I, 1969, the Lake Superior Board of Education assumed from the municipality the responsibility for payment TERRACE BAY NEWS PAGE 12 of the principal and interest charges on the debentures issued for school purposes. The net long term liability for such debentures, amounting to $684,700 , is reporte under "Net long Term Liabilities ~ school boards" on the Capital Fund Balance Sheet. The related amount recoverable is reported under "Future recoveries from levies or rates - school boards". 3. Provision for Reserve Fund A provision for a reserve fund for the purchase of a fire truck is included under fire expenditure in the amount of $10,000. 4, Recovery of Swimming Pool Construction Costs It is our understanding that receipts from swimming pool donations and memberships are to be taken into the Township revenue fund until such time as the amounts expended by the Township in past years on the construction and maintenance of the pool and change-house have been fully recovered. Subsequent receipts from these sources would then be paid directly to the Recreation Committee to finance operating expenses. The unrecovered balance of the pool and change- house costs at December 31, 1968 was $13,838 as follows: Balance, December 31, 1967 Memberships $17,130 3,292 $13,838 Balance, December 31, 1968 | 5, Service Area Budgeted enditures Service area budgeted enditures, reduced proportion- ately to eliminate the prior year's surplus, have been included in the statement f revenue and expenditure under the following headings: reer Pe gs hg Rosdways \ RA 0 es 6, 283 Q 540 (pest control 379 9512 Roadway cleaning V9 306 Sanitary sewer system Garbage collection NOTICE The Executive and Membership of the Terrace Bay Kiwanis Club respectfully advise, this club has been dissolved. We would like te thank all those who supported this or- ganization so faithfully over the years. The following items will be disposed of by a sealed bid: (1) 4 only picnics tables in good condition (2) I only picnic table in poor condition ( I table per customer ) (3) I only piano ( asking $85.00 - located in Terrace Bay Motor Hotel). All proceeds to be donated to the School for the Mentally Retarded in Marathon. / Address bid to: Kiwanis Club, Pox 247, Terrace Bay Ontario. | A. Teskey, | President.